The short answer, of course, is that you pay the cost of your Fresno, CA Renters Insurance and in return the insurance company agrees to pay you when certain kinds of losses occur.
We promise you that’s the last you’ll hear of jargon from us in this article, though. Below our Video Guide to California Renters Insurance, you’ll find three stories that illustrate answers to “How does renters insurance work?” in real and practical situations.
How Does Renters Insurance Work? Sierra’s Stolen System, Solved
Sierra is a sophomore at Fresno State. Of course, she has renters insurance in Fresno, because her parents warned her how important it is. But Sierra sees that bill every month, and is a little annoyed. Not because it’s expensive – but twenty bucks is twenty bucks when you’re a poor college student!
Sierra went for a late night study session with some friends, since finals are coming up. All of her notes are on her laptop, so of course she brought the laptop with her. In reality, all of her notes are in a cloud drive so any device would have worked, but the laptop was so much easier to work from than her phone.
When Sierra went to pay the bill, everyone else started to wander off. In the few seconds she turned away, her laptop was gone. After breaking down in tears right there in the diner, Sierra filed a police report and then called her renters insurance to find out if they might consider covering it.
A shocked Sierra heard that it would be no problem, since it was a covered loss and she had documentation of the purchase. A few days later, she had a check for the replacement cost of the laptop, and she was able to go buy a new one. This time, she installed tracking software, but otherwise it was back to business as usual for her, quickly and efficiently.
How Does Renters Insurance Work? Forgetful Frank’s Fire
Frank is long out of college, and works long hours because living in Fresno is expensive. It’s rare that he gets the chance to actually cook dinner, and when he does it’s usually while multitasking. One day while combining a business call with cooking dinner, he turned away to check some numbers for a client.
In the two minutes he was gone, the pan on the stove caught fire and Frank found himself with a full-blown kitchen fire on his hands. Fortunately, it only spread to the cabinets and he was able to put it out with the fire extinguisher his landlord had provided. But those cabinets will need to be replaced, and that’s a pretty substantial amount of money to Frank.
Since Frank has renters insurance in Fresno, the policy will pay for the damage to the apartment – that’s what liability coverage is for. On top of that, if he has smoke damage to his personal property, that can be covered as well. Frank didn’t intend to set the fire, obviously, and a loss caused by negligence is the entire reason that liability coverage exists.
Frank also won’t have to worry about a hotel for the several days workers will be in his apartment. Frank’s loss of use coverage pays for the hotel so he can continue to maintain his lifestyle while repairs are being made to his home.
How Does Renters Insurance Work? Paula’s Pipe Problems
Paula never thought she’d need her renters insurance in Fresno. She had found a great apartment in a historic building, with a neighborhood she liked and trusted. She didn’t expect to move in the foreseeable future. One day while Paula was at work, a historic pipe inside the wall of her historic apartment finally burst. Her apartment, and several others, suffered significant damage from the water.
Historic buildings with historic pipes often suffer similar losses, and Paula knew that she wasn’t alone. She was surprised, however, when she went online to look to see if it would be covered. Paula had remembered something about “flood” not being covered, and she knew this was a flood for sure.
Or was it? A quick read of the policy told Paula that a flood is water moving along, under, or through the ground. And what’s this, burst pipes are covered for personal property? Paula was ecstatic that she’s be able to replace her damaged property. Paula was even more thrilled to find out that loss of use coverage would take care of the costs of her staying in a hotel.
So How Does Renters Insurance Work, Really?
Those three stories do a pretty good job of illustrating how renters insurance works, but we’d like to leave you with this final explanation: Fresno, CA Renters Insurance pays the costs of returning you to the condition that you were in before the loss occurred.
In other words, your policy pays to fix the problems that were caused by the loss – whether that’s your personal property, costs of a hotel after a loss, or even damages to other people like your landlord that are caused by your negligence. The best part is that you can afford it!
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
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